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I agree with that!
Actually I read the story on a german on line news website a day before I could find it here, strange!
The Europeans were heavy into this. They started bailing out two weeks ago. I wonder what they knew , and when they knew it ?......There will be lots of investigations. I am being told that those who got out as of late , may have to give back their withdrawals...its not their money , it belongs to those who lost.
I can't wait to read the critique of the fund auditors, responsible for certifying annual financial status.
Scale is part of the problem. I'm wondering if 'The big 4' are about to be the big 3 or 2 now? Arthur Anderson is reduced to handling lawsuits last I read.
Quote:
Originally Posted by darstar
The Europeans were heavy into this. They started bailing out two weeks ago. I wonder what they knew , and when they knew it ?......There will be lots of investigations. I am being told that those who got out as of late , may have to give back their withdrawals...its not their money , it belongs to those who lost.
Don't care for this particular brand of 'redistribution of wealth'?
Scale is part of the problem. I'm wondering if 'The big 4' are about to be the big 3 or 2 now? Arthur Anderson is reduced to handling lawsuits last I read.
Don't care for this particular brand of 'redistribution of wealth'?
Who does ?....... It was baked in the cake....Time for the SEC to sunset. Obama will spearhead a new era in regulation.The SEC will become history , and be replaced by a more responsible regulator body.
But it DID redistrubute wealth. That 50-billion number---where do you think that went? Sure, Madoff ran an illegal operation. Get over it. But where's the money? Lots of people run illegal operations. Some of them take the money for themselves. Why not just make Madoff pay the 50-billion back? Because he doesn't have it. Somebody else does. It';s just like any other scam---the losers are the ones were greedy enugh to go in in it thinking they could come out undeserved gains.
But it DID redistrubute wealth. That 50-billion number---where do you think that went? Sure, Madoff ran an illegal operation. Get over it. But where's the money? Lots of people run illegal operations. Some of them take the money for themselves. Why not just make Madoff pay the 50-billion back? Because he doesn't have it. Somebody else does. It';s just like any other scam---the losers are the ones were greedy enugh to go in in it thinking they could come out undeserved gains.
He didn't do all this alone. Madoff had partners in crime , look for more revelations to come.
- The SEC had the authority to investigate Madoff's investment business, which managed billions of dollars for wealthy investors and philanthropies. Financial analysts raised concerns about Madoff's practices repeatedly over the past decade, including a 1999 letter to the SEC that accused Madoff of running a Ponzi scheme. But the agency did not conduct even a routine examination of the investment business until last week.
The SEC has been badly underfunded over the years. They have some skilled investigators, but their computer system would be unacceptably underpowered even for a middling accounting firm. For example, something like the Madoff fraud would have been revealed through a simple statistical analysis of the fund's reported returns over time compared to industry averages, which is apparently what several independent investigators and university professors have already done. But the SEC didn't have that capacity. Not in any systematic manner.
I wonder what will happen to this guy? I can't believe no one caught on, this had been going on for a loooooong time. How many more crooks like this are out there?
ask the federal goverment, they are the masters of the ponzie scheme.
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Bernard Madoff’s alleged $50 billion Ponzi scheme
